Scapia raises $63 million led by General Catalyst

Bengaluru: Travel-fintech startup Scapia has raised $63 million in a funding round led by General Catalyst, as the company looks to deepen its travel and financial services offerings and expand its AI-led product development.

Existing investors Peak XV Partners and Z47 also participated in the round.The fundraise comes just over a year after the Bengaluru-based startup raised $40 million in a Series B round led by Peak XV Partners.Founder and chief executive Anil Goteti told TOI that the company plans to use the fresh capital to continue building what he described as a full-stack “travel fintech” platform spanning co-branded credit cards, UPI payments, travel bookings, airport benefits and commerce offerings.

“We wanted to make sure the experience was seamless on both sides,” Goteti said, referring to travel and financial services.Scapia partners with banks to offer co-branded credit cards and has also launched products including Scapia Pay, airport dining and shopping rewards, and travel-focused commerce features.According to the company, flight bookings on the platform have grown 5-6 times year-on-year while hotel stays have risen 8 times.

Goteti said domestic travel continues to dominate activity on the platform, accounting for 80-85% of bookings, even as consumers alter destination preferences amid macroeconomic uncertainty.“People moved away from the Middle East into a lot more Southeast Asia and more importantly a lot more domestic,” he said.